MobiFi Q3 product update
MobiFi is proud to announce five key milestones achieved on the Alpha version of the mobile app. New exciting updates regarding MobiFi’s future LP staking program are also provided.
1) Mobility service integration
The MobiFi team has been focusing on a real use case to reshape how people consume
mobility in the city, starting from the Netherlands. The starting point will be around the launch of the Mobile app; offering parking services to begin with.
We will be offering services in majority of the Dutch cities, offering both on and off-street parking services. At the same time, the team intends to expand to the UK territory, focusing on indoor parking mainly.
MobiFi has been testing API integrations with its parking partners, and a successful first demo of the product has been showcased. Users can search, choose, and pay for parking services directly from the app with SMile token, and open the gate to park their vehicles.
Additionally, users will be able to collect rewards based on their responsible travel choices, in this case using off-street parking in lieu of on-street in order to free up space on the streets.
Another key update is regarding fees, MobiFi will not charge any costs for using mobility services — we want to provide a transparent and cheaper alternative to traditional payment methods such as credit and debit cards (which generally charge hidden fees).
Regarding the wallet integration, users can now top up using traditional payment methods such as debit and credit cards, and receive tokens in exchange. The team has successfully integrated a wallet for each token — SMile and MoFi.
On the one hand, the Smile wallet will allow users to pay for mobility services (i.e., stable coin backed by Euro) within our ecosystem.
On the other hand, the MoFi wallet will serve as a reward/incentive system for now. In other words, people will receive MoFi tokens for their sustainable travel decisions.
2) New collaboration with mobility API working group
The team joined TOMP AI — a working group initiated by the Dutch government. TOMP API’s objective is to build an open-source mobility service API in order to standardize how mobility services can be integrated in a seamless way.
This collaboration will help MobiFi in speed up the mobility service integration in the future, and to introduce the new token-based payment process t on the Corda blockchain to the mobility industry.
3) Bridge protocol phase 1
Steady but solid progress has been made around the swap between MoFi (ERC-20) and Smile (Corda Ledger).
We encountered some challenges with the Ethereum blockchain (e.g., Speed, gas fee). As an alternative, the team has been building an integration with the Polygon network in the backend. .
In the coming months during Q4, the team will be onboarding MoFi onto Polygon due to its fast and cost-effective scaling solution. It is worth mentioning that we are still working on the cross-chain bridge solution, further updates will be given in due time.
4) DeFi service integration
MobiFi is the only project that will be integrating DeFi services into people’s everyday mobility experience. As we want to allow travellers to generate interests in a seamless manner, we created an automated staking via the Aave protocol.
To top up the SMile wallet, we will accept payment methods such as traditional fiat and stable coins such as USDT, more options will be available in the coming months. Once topped up, people will be able to receive SMile tokens for their travel needs, while automatically generating passive income via Ave. We will be exploring other DeFi integrations in the near future to meet the demand of our community.
5) Custodian service integration
To accelerate mainstream adoption of crypto and offer the highest quality service possible, the team has decided to partner with a custodian service in order to meet regulatory compliance across Europe. This is because as a mobility app we want to make sure that the general public can benefit from the value of crypto in a compliant way.
Rest assured, our “power users” (crypto enthusiasts) will still have the freedom to stake their assets via our DeFi partners autonomously.
USDT tokens will be stored on the DeFi wallet, currently supporting ERC-20 with Polygon. In the future the team plans to support different tokens by integrating with other networks such as Binance Smart Chains and more.
6) Update on the LP staking program
The current LP program will end on October 6th. Therefore, we advise users to unstake their MoFi at least one day before the deadline to avoid potential losses.
What’s next? We will provide a whole new LP program soon; at the moment, we are building a smart contract for both single token staking and NFT game. This new program will let users earn MoFi as well as NFTs as long as they hold a certain number of MoFi (TBD) on their wallet during the coming months.
We will allow holders to collect utility NFTs such as badges that can be swapped with MoFi. With these badges, people will be able to earn benefits such as discounts on parking services, or free hours of e-scooter rides, and more. Those living outside Europe can also participate as these NFT rewards are tradable, hence can be sold to Europeans.
Stay tuned for upcoming announcements!
About MobiFi:
MobiFi is a financial orchestrator for Mobility as a Service (MaaS). We’re building the transportation UX of the future — simplifying the mess of mobility services that many consumers face today while also allowing them to earn on their mobility credit. Once complete, our platform and tokenized payment system will boost mobility service provider efficiency and coax users into more sustainable transportation decisions.
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